SBA launches new interface to process loans faster

The U.S. The Small Business Administration rolled out a new intelligence platform aimed at delivering loans faster to small business owners. The intelligence Capital Access Platform (iCAP) will simplify the application process, accelerate review and enforce fraud prevention. New features will include transaction visibility, real-time application validation, and in-app messaging between lenders and small business owners. To date, over 250 lenders joined the platform, facilitating 2,000 loans worth millions of dollars. Lenders will have access to loan origination on iCAP by Jan. 1. According to a Wells Fargo report, women-owned businesses make up about 40.6% of businesses in the U.S., and generate $2.8 trillion in revenue per year.